Welcome to this month’s Memphis, Tennessee, real estate market report. Just because the summer has officially ended doesn’t meant that homes are not going to be sold for the remainder of the year. Let’s find out on this report if prices and sales fall for this season.

Memphis Metro Housing Stats

Memphis-area home sales for September decreased 13.3 % from a year ago, with 1,864 total sales recorded. Average sales price was up 12.1 %, at $269,438.

There were 84 new home sales for September this year in Memphis, an increase of 5% from last year’s 80 new home sales, and the average sale price for new homes climbed 27.7% from one year ago, up from $385,525 to $492,238.

There were 4 bank-owned properties sold, a decrease of 20% when compared to the 5 sold during September 2021. Average sales price went down 60.1% from $224,405 to $89,563.

There is a total of 2,935 listings available to buyers in Memphis, this includes single family, condo and duplex properties for sale. The average list price for single-family homes is $365,873, $238,173 for condos, and for duplexes is $208,005. The market total for pending sales is 1,120 for single family, 44 for condo and 16 for duplex with the average list price of $323,019.

Total inventory increased from 2,871 at the end of August to 2,935 at the end of September.

What Does This Data Mean For Buyers?

Affordability has been a major issue for potential buyers. Investing in rentals will fetch you good returns in the long term as the home prices in Memphis have been trending up year-over-year. 

Give us a call today, and we can answer all the questions about buying a single-family home, condo, or duplex in Memphis, Tennessee.

What Does This Data Mean For Sellers?

Home sales decreased but prices are still very strong out there.

Out-of-state investor is waning and the power of local buyers is growing.

If you are thinking of selling your home or condo, give us a call at 901-451-2001 to find out how we list and actively market the best features of your home to the most qualified buyers!

Memphis Homes for Sale

Here are the most recent home listings just added to the database in the average sale price for Memphis – all homes here are priced at $249,100 or less

Memphis Metro Real Estate Market Report - October 2021
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Memphis Metro Real Estate Market Report - October 2021
The average sale price for a single-family in Memphis, Tennessee, at the end of September 2021 was $240,539, a year-to-year increase of 6.6%.
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